9911796707
TMI Blog2012 (5) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... The appeal filed by the Revenue and Cross Objection filed by the assessee are directed against the order dated 27- 10-2011 passed in appeal No.0663/10-11/CIT (A)-VI and they pertain to the assessment year 2007-08. 2. The Revenue raised the following grounds before us:- 1. The CIT (A) ought to have upheld the total understatement of sales determined on the basis of gross profit @ 27% o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd. We find that the issue in question has been decided by us vide order dated 13-4-2012 passed in ITA Nos. 2191 and other group cases of Pittala Yakaiah and Others wherein the Tribunal held as follows:- We find that the issue in the Departmental appeal regarding estimation of profit is squarely covered by the decision of the Tribunal in ITA No.591/Hyd/2011 dated 28.7.2011 in the case of M/s K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Bagga Vs. ITO in ITA No.371 Others dated 30th September, 2010 held that the estimation of the net profit at 3% is reasonable. In view of the matter, ends of justice would be met if we estimate the net profit of the assessee at 3% of purchases or stock put for sale during the year under consideration as against the estimation of 5% made by the CIT(A) . In view of our aforesaid decision, we u ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
